Bill on 2016 Azerbaijani state budget published

The draft law on the 2016 state budget has been published and introduced to the Azerbaijani Parliament.

The document requires 14.566 billion manats from revenues and 16.26 billion manats on expenditures. The budget deficit at the level of 1.698 billion manats will be covered by revenues from privatization, borrowing and grants.

The State Budget also includes a traditional norm that 30% of the difference between internal and external prices for exported raw commodities comes to the budget in the form of revenues. The forecast of the oil export price for 2016 is set at $50 a barrel.

The Milli Majlis is expected to pass the budget by October 15th.